Pan-European buy-out firm Montagu Private Equity has agreed to acquire Worcester, UK-headquartered Misys General Insurance for GPB 182 million.
MGI is a wholly-owned subsidiary of Misys, a provider software applications to the healthcare and banking industries. MGI consists of two main operating divisions, Misys Financial Systems and Misys Insurance Management.
MFS provides hardware, software and IT services to UK general insurance intermediaries. Misys Insurance Management, also known as Countrywide, is a network of independently-owned insurance brokers who work together with Insurers to provide superior products and servicing for their customers.
In the year ending May 31, 2005, MGI achieved EBITDA of GBP 17.5 million on sales of GBP 33.7 million, according to a statement. The business employs 300 people.
“Since the current managers were appointed to MGI in 1999 the company has more than doubled its profits,” Jason Gatenby, director of Montagu Private Equity. “This acquisition is in line with our favoured strategy of backing established teams in businesses with positive momentum.”
Montagu focuses on investing in management buy-outs in partnership with the incumbent management team. The firm currently has about EUR 3 billion under management. Its offices are in London, Manchester, Paris, Dusseldorf and Stockholm.